- Bitcoin (BTC) hit a new all-time high of $76,330, surging 9.5% in 24 hours, as Donald Trump’s presidential election win sparked optimism for a crypto-friendly regulatory environment.
- The crypto rally triggered $592 million in liquidations of leveraged derivatives trading positions, with $390 million from shorts being the largest short squeeze in at least six months.
- Crypto stocks rallied, led by Coinbase (COIN) surging 31%, while Bitcoin miners like Riot Platforms (RIOT), TeraWulf (WULF), and CleanSpark (CLSK) gained 20-25%.
The price of bitcoin reached an all-time high of over $76,000 on Wednesday after Donald Trump emerged victorious in the U.S. presidential election. The outcome is seen as a positive development for the crypto industry.
Crypto Assets Surge Across the Board
In addition to bitcoin’s gains, ether jumped to nearly $2,700 and the CoinDesk 20 Index climbed 10.7%. Decentralized exchange Uniswap’s UNI token, blockchain Solana’s SOL token, and GPU platform Render’s RNDR token led the charge.
Massive Liquidations Trigger Short Squeeze
The rally triggered nearly $600 million in liquidations of leveraged positions, per CoinGlass data. Shorts betting on lower prices accounted for $390 million of the total, making it one of the largest short squeezes in months.
Crypto Stocks Join In on Rally
Crypto exchange Coinbase’s stock rose 31%, while bitcoin miners Riot Platforms, TeraWulf, and CleanSpark jumped 20-25%. The gains coincided with a broader stock market rally.
Election Seen as Bullish for Crypto Industry
Many see the election results cementing GOP control over Congress as beneficial for crypto regulation going forward. Analyst David Lawant of FalconX stated the outcome could “open room for additional crypto ETF products” while also warning of potential “last-minute enforcement actions.”
Breakout from Months-Long Consolidation
Bitcoin’s surge marks a decisive breakout from the tight trading range of the past eight months, during which patience was tested. With the election over, all eyes now turn to Thursday’s FOMC meeting, where a rate cut is expected.
